In a cost-cutting move described by its director as "risk avoidance," the Oakland Ballet Company is postponing its spring performances, which had been planned for May 18-20 at the Malonga Casquelourd Center in Oakland.

Artistic Director Graham Lustig said that after disappointing ticket sales for "The Nutcracker" at the end of 2011, the company - which has an annual budget of $600,000 - faced an $80,000 deficit.

"I just think it's the most fiscally prudent thing," Lustig said in a phone interview from London. "We are not in a bind or a bad situation. Yes, we have a deficit that needs to be covered, but there's every anticipation that this can be done within the next 12 months in a very responsible manner and then we can move the organization forward on firmer footing."

Founded in 1961 by Ronn Guidi, the Oakland Ballet enjoyed a reputation as a well-regarded regional company for 37 years under his direction. In 2006, after six years under Karen Brown's leadership, the company folded briefly, but was revived in 2007 by Guidi, who directed it until Lustig took over in 2010.

The "Diaghilev Imagery" program - which was to include premieres from Amy Seiwert and Val Caniparoli as well as Lustig's "Pulcinella" - will be scheduled instead for spring 2013.

Despite this cancellation, the company will remain active and push ahead with other plans, according to Lustig. He says the spring fundraising gala honoring Oakland Mayor Jean Quan will still take place May 5 and that Oakland Ballet will also offer its ballet boot camp at Mills College this summer as well as Saturday morning open ballet classes. The company also still plans to perform "The Nutcracker" at the end of the year.

"It's a gut-wrenching thing to have to do," said Lustig, "But I think if it's done in a timely and responsible way, I'm hoping the community will respect our decision and come forward to help to support it."